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Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada
www.utsc.utoronto.ca/mgmt 1
MGTB05H3 F Financial Accounting I
2011 Fall Session
1. Instructors:
L06 & L30 Mr. Douglas Kong Telephone: (416) 208-2694
Office: IC362
E-Mail: [email protected]
L02 Ms. Michelle Lum Telephone: TBD
Office: IC269
E-Mail: [email protected]
L03 Ms. Julie McDonald Telephone: TBD
Office: IC269
E-Mail: [email protected]
L01 L04 & L05 Mr. George Quan Fun Telephone: (416) 208-4740
Office: IC354
E-Mail: [email protected]
2. COURSE OUTLINE AND GENERAL INFORMATION
Together with MGTB06H, this course provides a rigorous introduction to accounting techniques
and principles and concepts underlying these techniques. The preparation of financial statements
is addressed from the point of view of both preparers and users of financial information.
The course is designed to achieve the following objectives:
The student should be able to:
1. Prepare a set of financial statements for various public and private entities using IFRS
and Accounting Standards for Private Enterprises (GAAP);
2. Analyze financial statements and financial information, using them to make effective
business decisions; and,
3. Appreciate the importance of ethics in accounting.
Though the courses do satisfy the requirements of the three major accounting groups in Canada
for an introduction to the subject, the courses are not intended solely for professional
accountancy training. They provide a better understanding and a valuable analytical tool for
anyone considering a career in management.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada
www.utsc.utoronto.ca/mgmt 2
3. Prerequisite(s):
Exclusion: MGT120H, MGT220H, VPAB13H
Prerequisite: MGTA02Y or [MGTA03H & MGTA04H].
4. Textbook/Required Course Materials:
Libby, Financial Accounting with Connect, 4th Cdn edition packaged with Lyryx Assessment,
2011, ISBN 0070898715. Please note that this textbook is also used for MGTB06 so please keep
your Connect and Lyryx access card and password.
Lyryx Assessment is required for MGTB05 and MGTB06. Please ensure you purchase the
correct package with Lyryx at the bookstore (discounted in package). Alternatively, you can
purchase Lyryx Assessment for Financial Accounting Stand Alone Access Code for $49.95 at the
Bookstore front cash through the UTSC Bookstore Now-Prepay System. The ISBN is
0070007403.
You are expected to have completed the assigned readings before the class session for which the
items are listed. Please bring your copy of the text to all class sessions. In each chapter there are
Demonstration Cases and Self-Study Questions with solutions provided. It is strongly
recommended that you attempt to solve these problems before tackling some of the more
complex text questions. Please see the MGTBO5 intranet for comments on text errors, etc. In
addition, various cases/articles may be distributed in class. These are required readings whether
or not the items are formally listed on the course outline.
Suggested Other Sources:
Students are expected to have a general knowledge of current business and economic
developments, especially as they relate to topics covered in the course. The daily Report on
Business of the Globe & Mail and National Post or other papers is recommended. Other
Canadian introductory financial accounting texts that you might have access to could also be
helpful. For difficult topics, another explanation of material and more examples, as presented in
another text, might make the issues clearer.
5. Evaluation and Grading:
Grades in the course will be based on the following:
On-line Assignments (5 in total) 5%
On-line Quizzes (4 in total) 10%
Case Assignment (2 in total) 5%
Midterm Test 35%
Final Examination 45%
Total 100%
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada
www.utsc.utoronto.ca/mgmt 3
The midterms and final exam dates, times and location will be announced once they are
determined. The format of the midterm tests and final examination may consist of multiple-
choice questions, problems, cases and other forms of questions. All tests are cumulative:
questions may be asked on all material from the beginning of the course.
6. Academic Support
a. Counselling/Office Hours/Accounting Aid Centre:
Office hours for individual consultation with students who have problems or questions that
cannot be discussed in the class sessions will be announced by the instructor. For those students
who wish to try extra problems from the textbook, solutions may be checked during their
Instructor’s office hours. TA office hours will be announced at the beginning of class. If you
wish to have your assignments remarked or need clarification of the mark given, you will need to
clearly state your question in memo format and identify which area of your answer deserves
additional marks. The instructor will forward your request to the marker directly.
Questions relating to administrative, registration, degree/programme requirements should be
directed to [email protected].
b. UTSC Library:
The Department of Management, in collaboration with the UTSC library, will be providing
academic research support in the IC Building. To refine your research skills or to learn more
about various scholarly resources, please contact the Librarian for Management and Economics
students.
Lola Rudin, Subject Librarian, Management and Economics
Room IC375
Office hours: Monday & Thursday, 1:00 – 3:00pm or by appointment
Email: [email protected]
Web: http://guides.library.utoronto.ca/utsc_mgmt
c. English Language Development Centre (ELDC):
The English Language Development Centre (ELDC) helps students develop the critical thinking,
vocabulary and academic communication skills essential for achieving academic and
professional success. Personalized support includes: RWE (for academic writing);
Communication Cafés (oral); Discussion Skill-Building Cafés; Vocabulary Cafés;
seminars/workshops; personal ELD consultations; drop-in sessions.
http://ctl.utsc.utoronto.ca/eld/
The Writing Centre (TWC) offers invaluable services to students (learn to become a better
writer!) and offers many different kinds of help: drop-in sessions, individual consultations,
workshops, clinics, and online writing handouts. http://ctl.utsc.utoronto.ca/twc/
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada
www.utsc.utoronto.ca/mgmt 4
7. Additional Procedural Points:
i. Students who require special accommodations and arrangements for writing the test and
examination should be in contact with the Accessibility Special Services Office to ensure
that arrangements can be made on a timely basis.
ii. According to the Academic Regulations of UTSC (please refer to
http://www.utsc.utoronto.ca/courses/calendar02/Academic_Regulations_(Part_III).html),
if students are scheduled to write two final examinations at the same time, they should
report their conflicts to the Assistant Registrar (Scheduling) (Room S416A, 416-287-
7540). Arrangements will normally be made for students to write both examinations on
the same day, with a supervised break. Where the conflict involves a St. George Campus
course, arrangements will normally be made for both examinations to be written at
University of Toronto at Scarborough. Requests for such arrangements must be made no
later than two full weeks before the commencement of examinations and will not be
considered after that time.
iii. Students scheduled to write final examinations in three consecutive time slots (these are
morning, afternoon, and evening) may request special arrangements. Requests for such
arrangements must be made with the Assistant Registrar (Scheduling) no later than two
full weeks before the commencement of examinations. Requests will not be considered
after that time.
iv. Test/Examinations answers must be written in ink.
v. Students who find that, due to illness, they are unable to attend a mid-term test, should
notify the instructor before the test date. Make-up tests will not be arranged; however,
the student should provide the instructor with a medical note. Grading procedures for
such circumstances will be 0 for midterm with the final exam worth 85% (summation
of marks allocation for midterm and final). These students may be required to write a
separate final exam which is a combination of a deferred midterm test and the final
examination, and the exam could last for 3 hours. Students who miss the midterm and
fail to contact the instructor within 24 hours of the exam date will receive 0 for the
midterm portion of the mark.
vi. Students are expected to arrive on time for all tests and examinations. It is not likely that
any additional time can be allowed for late arrivals.
vii. The use of a simple, non-programmable, quiet, non-printing calculator will be permitted
in all tests and examinations. Students will not be permitted to share calculators and
should take adequate precautions against calculator failure during a test. No allowance
can be made for calculator failure or malfunction. The allowed calculators include:
Texas Instruments TI 30 Explorer Plus, Sharp EL509 and 531, Cassio FX 65 and 280.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada
www.utsc.utoronto.ca/mgmt 5
8. Studying:
The coverage of material in these courses is extensive and rigorous. Experience has shown that
students who fail to keep up-to-date at all times, no matter what their previous background in the
subject, will tend to have difficulty in handling the material, which is of a cumulative nature, on
tests and examinations.
It is generally agreed that one needs to work through a substantial number of exercises and
problems in order to understand the concepts and procedures involved in accounting courses. In
the class sessions a number of text questions and cases will be discussed. It is important to
understand that questions on the tests and final examination may differ significantly from text
exercises. Questions from the text usually reflect the material in a single chapter, are often
variations of chapter illustrations, cover only selected portions of the assigned material, are
usually "complete" problems (in the sense that one is expected to follow a logical procedure from
start to finish) and are done on an "open-book" basis.
Midterms and final exam questions, on the other hand, may combine material from a
number of chapters, may require a selection of ideas or concepts from any part of the
course, may focus on only one small part of a larger process, may be non-directive (open-
ended) in nature, may require answers in the form of essays of formal reports, are "closed-
book" and have strict time restrictions
Questions discussed/and solved in class should be viewed as a minimum effort in order to
understand the course. Students are strongly urged to attempt other problems from the text. To
assist in the effort, the solution manual will be available to use to check your answer in the class.
In all instances, students should attempt their own solution of problems before verifying their
answers. Photocopying of solutions will not be permitted.
9. On-line Assignments - Submission Procedures:
There are 5 weekly on-line assignments. The website for the assignment is
https://login.lyryx.com/. Each assignment should be completed according to the deadlines set by
your instructor. Students are encouraged to practice as many times as necessary until they
satisfied with the outcome. Students will not be allowed to access the assignment after the due
date.
Each assignment offers you a unique opportunity to test not only your understanding of the
course material but also your ability to analyze and solve problems. An important aspect of
problem-solving is the necessity of selecting an answer in the face of uncertainty about the facts
or requirements in the problem. Students are encouraged to practice as many times as necessary
until they satisfied with the outcome. Students will not be allowed to access the assignment after
the due date. To help you develop this critical ability, your professor will not discuss a
homework problem or answer any questions about it prior to its submission.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada
www.utsc.utoronto.ca/mgmt 6
Please refer to the Lyryx Student Registration Instruction at the end of this document for the
detailed logon procedure.
10. On-line Quizzes - Procedures:
The 4 quizzes will be done online and will test students on basic understanding of the required
readings. The format of the quiz consists of 3-5 short answer questions to be done in 60
minutes. Please follow the directions noted in a separate handout as you only have one attempt
and there is no make-up quiz.
11. Case Analysis - Procedures
Case analysis develops your critical thinking and problem solving skills, so a given accounting
situation can be logically addressed. An important aspect of problem solving is the necessity of
selecting an answer in the face of uncertainty about the facts or requirements in the problem.
The case analysis question are noted on page 8 of the course outline. The format of the case
analysis will be discussed in class by the instructor. Each case should be typed, 1½ spaced on
letter-size paper using one-inch margins, maximum length is 2 pages (approximately 400 words),
exclusive of tables, appendices and references and 12-point Times New Roman font or
equivalent.
Outside sources (articles, books, etc.) are encouraged but not required. Any reference should be
listed in a bibliography at the end of the paper.
Case and Assignments - Submission Format:
(a) A coloured cover sheet (letter-size) must be attached at the front of each assignment,
showing your name (underline last name) and student number, course code (MGTB05)
and section number (your section #).
The colour of the cover sheet should correspond with the first letter of your surname as
follows:
RED – A to D
BLUE – E to L
YELLOW – M to S
GREEN – T to Z
(b) Assignments will be handed back grouped by colour to make it easier for students to
identify their assignments.
i. All sheets of paper relating to a single assignment should be stapled
together. Do not use paper clips, pins or other fastening devices. Please
do not fold or use binders or heavy covers that can significantly increase
the weight of a bundle of assignments.
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada
www.utsc.utoronto.ca/mgmt 7
ii. It is recommended that you keep the rough draft or photocopy of your
assignment to minimize the problems caused by lost or missing
assignments. Unclaimed assignments will be held for only a limited period
of time.
iii. No marks will be given for the correct answer only. You must show all
calculations and state all assumptions leading to your answer.
iv. Each assignment offers you a unique opportunity to test not only your
understanding of the course material, but also your ability to analyze and
solve problems. An important aspect of problem solving is the necessity of
selecting an answer in the face of uncertainty about the facts or
requirements in the problem. To help you develop this critical ability,
the instructor will not discuss a homework problem prior to its
submission.
12. Examinations from Prior Sessions:
Copies of old tests and exams will not be made available. These questions will not be discussed
and solutions to them will not be provided.
13. Tutorial Sessions and Room Information: We have provided 6 tutorial sessions (3 before the midterm and 3 before the final exam) throughout
the term. You can attend any of the 3 one hour tutorial sessions on Friday 10-11 AM, 11-12 PM or
12-1 PM in IC230. The questions discussed in the tutorials are listed on the course outline.
Section Time Room
TUT001 10 – 11 AM IC230
TUT002 11 – 12 PM IC230
TUT003 12 – 1 PM IC230
14. Academic Misconduct:
Students should note that copying, plagiarizing, or other forms of academic misconduct will not
be tolerated. Any student caught engaging in such activities will be subject to academic
discipline ranging from a mark of zero on the assignment, test or examination to dismissal from
the university as outlined in the academic handbook. Any student abetting or otherwise assisting
in such misconduct will also be subject to academic penalties.
8
# Week of: TEXT CHAPTER
To be read before class
CLASS DISCUSSIONS Critical
Thinking
Cases
ASSIGNMENT &
QUIZ DUE DATE
Case
Assignment
TUTORIAL
DATE
TUTORIAL
QUESTIONS
1 Sept 8/13/14 1. Financial Statements and Business Decision E1-3, E1-6, E 1-7, P1-5 CP1-5
2 Sept 15/20/21 2. Investing and Financing decisions and the Statement of
Financial Position
E2-3, E2-5, E2-13, E2-14 CP2-7
3 Sept 22/27/28 3. Operating Decisions and the Income Statement E3-3, E3-6, E3-12, P3-2 CP3-6 On-line Assignment
#1(Ch 1 & 2)- due Sept.
28
Sept. 23 E1-8,P1-1,
P2-5
4 Sept 29
Oct 4/5
4. Adjustments, Financial Statements, and the Quality of
Earnings
E4-3, E4-7, E4-8, E4-13 On-line Assignment #2
(Ch 3)- due Oct. 5
CP3-5 Sept. 30 E3-7, P3-8, , P4-8
5 Oct 6/11/12 4. Adjustments, Financial Statements, and the Quality of
Earnings
E4-15, P4-2, P4-6 CP4-11 On-line Quiz #1 (Ch 1, 2
& 3)- due Oct. 12
Oct. 7 E4-9, P4-10
6 Oct 13-19 Midterm Term #1- TBD (time and location)
7 Oct 20/25/26 6. Communicating and Interpreting Accounting Information P6-1, P6-3 CP6-6 On-line Assignment #3
(Ch 4)- due Oct. 26
8 Oct 27
Nov 1/2
7. Reporting and Interpreting Sales Revenue, Receivables,
and Cash
E7-4, E7-5, E7-7, P7-1 E7-21 On-line Quiz #2 (Ch 4)-
due Nov. 2
9 Nov 3/8/9 7. Reporting and Interpreting Sales Revenue, Receivables,
and Cash
E7-9, E7-12, E7-13, E7-
23
CP7-7 On-line Quiz #3 (Ch 6)-
due Nov. 9
10 Nov 10/15/16 8. Reporting and Interpreting Cost of Sales and Inventory E8-4, E8-6, E8-7, P8-1 On-line Assignment #4
(Ch 6 & 7)- due Nov. 16
Nov. 11 E6-6, AP 6-1,
P7-2
Nov 16 Last day to drop F courses without academic penalty
11 Nov 17/ 22/23 8. Reporting and Interpreting Cost of Sales and Inventory E8-12, E8-16, E8-18, E8-
20, P8-3
CP8-7 On-line Quiz #4 (Ch 7) -
due Nov. 23
Nov. 18 P7-6, P7-10,
E8-9
12 Nov 24/29/30 10. Time Value of Money (page 602-610) & Handout Handout Questions On-line Assignment #5
(Ch 8)- due Nov. 30
CP8-9 Nov. 25 AP8-2, E8-15,
P11-6
Dec 2 - 6 Study Break- No Classes
Dec 7-20 Final Exam- TBD (time and location)
Student Registration Process for Lyryx
I. Students without an account on Lyryx
1. Type http://login.lyryx.com and click on the Students button underneath the “Registration”
area.
2. Complete the Personal Information section by typing in your first name, last name, email
address, student number, province and country. Be careful to provide the right address as
this is used to reset lost passwords and retrieve usernames.
3. Select your institution as the Educational Institution. The „No Affiliation’ option is only for
students who wish to use Lyryx as self-study.
4. Under the Login Information section, type in your desired user name and password (need to
enter twice). You will need this information each time you log on to Lyryx.
Page 10 of 14
5. Click “Next”.
6. At the next page complete the Course Selection section by clicking on the drop down boxes
to select the correct course information, including session, course name/code and section.
If your textbook came with a pincode, you can enter this pincode in the Special Offers section.
The screenshot below shows that the user has the following PIN to register with: ABCDEFGH.
Purchase of a used text does not include pincodes that can be used – each pincode is only good
for a one-time use. You will need to purchase a Lyryx license by leaving the pincode textbox
Page 11 of 14
empty and clicking next. You will be asked for your credit card information.
From this point onwards whenever you access the Lyryx program, enter in your username and
password in the text boxes on the main page (lyryx.com) and click on the Log In button to log in.
Lyryx is available 7 days/week at student-register@lyryx for assistance.
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II. Students with an existing account
Login to your account and click "Add Course".
Notice that depending on your license you may benefit from free registration into new courses, this
is indicated just above the "Add Course" button.
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Select your institution as the Educational Institution among the list and click “Next”.
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Then at the next page complete the Course Selection section by clicking on the drop down boxes to
select the correct course information, including session, course name/code and section.
If you have a pin code provided with your new textbook or purchased elsewhere, enter it under “Special
Offers”.
Otherwise simply click “Next” and the system will calculate the price of your license for the selected
course depending on your previous courses and license which is payable by credit card.
Contact Lyryx by email at [email protected] for any assistance.
From this point onwards whenever you access the Lyryx program, you will click on “Logon” on the
main menu and type in your username and password to log in.
Lyryx is available 7 days/week at student-register@lyryx for assistance.
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